Steel Products Prices North America
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ArcelorMittal Draws Line in the Sand with New Base Prices
Written by Tim Triplett
April 30, 2020
Steel Market Update sources report that ArcelorMittal USA has informed them of new, higher base prices for flat rolled steel products. Effective immediately, the base for future orders of hot rolled is $500 per ton ($25/cwt) and cold rolled and coated products have a base of $700 per ton ($35/cwt). These prices are applicable to all new spot orders and recent quotations that have not yet been accepted by ArcelorMittal or AM/NS Calvert. ArcelorMittal’s order book is now open for June.
SMU put the average price for hot rolled this week at $460 per ton ($23/cwt) and cold rolled and galvanized at $650 ($32.50).
The last price increase announcement by ArcelorMittal was on Feb. 27 when they advised their spot customers of base price levels of $620 per ton on hot rolled, and cold rolled and coated at $820 per ton. After a brief bump, steel prices drifted down for much of the first quarter before plummeting in the second half of March when the government ordered nonessential businesses to close to stop the spread of COVID-19.
With scrap prices expected to trade sideways or higher in May due to extremely tight scrap supplies, market observers were speculating that finished steel prices might begin to bottom soon. Steel Market Update changed its Price Momentum Indicator to Neutral from Lower today, as the market direction is now in a transition phase. Whether the increase sticks or fails will ultimately depend on demand, and if enough supply has been removed from the market which will keep order books tight.
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Tim Triplett
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CRU: Longs pricing trends diverge in North, South America
Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]
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Nucor cuts plate prices by $125/ton, cites ongoing competition
Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its August order book.
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Nucor cuts HR price for fourth straight week
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
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Cliffs sets $720/ton HR price with opening of August books
Cleveland-Cliffs on Tuesday announced its monthly hot-rolled (HR) coil price of $720 per short ton (st) with the official opening of its August order book. The rate is down from last month’s price of $800/st.
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CRU: Demand weakness continues to weigh on global sheet markets
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]